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Reservations for new homes in the last four months have increased 31% year-on-year. Much of this upturn in demand is due to improved sentiment towards the housing market following the government’s ‘help to buy’ scheme, announced during the April budget. The Bellway board has high hopes that, following the upturn in reservations it has seen in response to this new legislation, the broader lending market will improve to cover the demand. As well as an improvement in the number of reservations, they have also seen average home values increase. Year-on-year in the last four months they have seen a 5% increase, up to £200,300.
Bellway has also increased its acquisition of land, amassing £270 millions' worth since August 2012. All the land under their portfolio has an anticipated profit margin of at least 20%. On top of this the company is in negotiation with a further 4900 plots dotted around the UK. The company also hopes to see completions of £380 million in 2013, up from last year’s £270 million.
Bellway is the latest of the housing companies to come out with encouraging figures, and, although volumes have some way to go to recapture the highs of the early 2000’s, signs are positive going forward.